Top Ways that Plumb Family Office Accounting Works with Trusted Advisors

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Bringing Professional Insights to Personal Finances

At Plumb Family Office Accounting, we streamline the efforts of our client’s trusted advisors to ensure that all aspects of their financial life are working together in a strategic and efficient manner.

A collaborative implementation with all our client’s professional advisors leverages their total expertise and gives everyone the backdrop to make better financial decisions and achieve goals.

Plumb Family Office Accounting works in partnership with trusted advisors to ensure the highest quality data and financial reporting is delivered to the personal financial management team.  This helps maintain a comprehensive view of family wealth and gives full visibility into the performance of their portfolio.

Plumb Family Office Accounting does not manage wealth, or do taxes, audits, tax planning or financial planning. 

“The month-end financial reports that Plumb Family Office Accounting provides to my clients give a clear, aggregated picture of their current financial status and helps establish wealth preservation,” –Client’s Estate Attorney.

 

How Plumb Family Office Accounting Provides Value to Trusted Advisors

Wealth Manager:

  • Simplifying complex financial structures with one holistic report
  • Providing timely and accurate financial reports
  • Helping to identify red flags or financial gaps

CPA:

  • Providing a Controller-level point of contact between CPA and client
  • Ensuring reliable, timely and organized client data
  • Tracking 1099’s, K-1’s, charitable contributions, medical expenses, sales of stock and all other income
  • Handling preliminary year-end tax work with Annual Tax Organizer

Trust | Estate | Divorce | M & A | Attorney:

  • Being a resource for quick access to data and financial statements
  • Setting up quarterly and yearly reviews of estate status
  • Court accounting for estate planning
  • Providing Trust accounting
  • Assisting with financial analysis in a divorce – read divorce case study
  • Tracking alimony, income and separate expenses
  • Separating business and personal transactions before sale of business – read sale of business case study

Financial Planner:

  • Providing an accurate snapshot of monthly spending
  • Customizing financial reports and budgets for planning needs
  • Setting up cash flow management
  • Tracking income and expenses on a monthly basis

Insurance Broker:

  • Setting up financial calendar of due dates, so there are no gaps in payment
  • Annual reviews of insurance policies
  • Detecting any gaps in coverage
  • Providing an accurate overview of valuable inventory

Banker:

  • Producing accurate personal financial statements
  • Assisting with documentation for loans and renewals
  • Tracking loan covenants
  • Accelerating the refinance process

Are you a Trusted Advisor with high-net-worth clients who would benefit from Plumb Family Office Accounting services? Please reach out for additional information or an introductory meeting.



Keys to a Successful Onboarding of a High-Net-Worth Client

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The “White-Glove” Experience of a High-Net-Worth Client Starts at Onboarding for Plumb Family CFO

The onboarding of a high-net-worth client sets the tone of the entire relationship according to Plumb Family CFO, which provides family bill pay, consolidated personal reporting and cash flow management services exclusively to the high-net-worth.  As you can image, there is a lot of financial data and vendor information to collect upfront in order to provide these services, so Plumb Family CFO has developed a system to make the onboarding process easier.  It’s simple; it starts with a conversation and customized approach.  White-Glove: marked by special care of attention: meticulous | white-glove service.

“By taking the time to schedule a meeting and get on the phone with a new client or their designated assistant, it makes a huge difference,” said Robert Scherer, President of Plumb. “By walking them through the details and getting answers over the phone, it’s much more efficient than just sending over stacks of paperwork in hopes that it eventually gets filled out correctly,” he said.

Plumb Family CFO has been working with high-net-worth clients for many years, ranging from busy entrepreneurs and investors to even busier affluent families.  They decide to utilize the services of Plumb to make their financial life easier, so onboarding should be as painless as possible. The process for a client to be formally onboarded can happen quicker with the help of a personal assistant or their single family office team. To help answer questions upfront, here is a list of FAQ.

Before starting a new relationship with a prospective high-net-worth client, Plumb sets the expectations of the onboarding lifecycle upfront.  After the initial information is gathered, it is immediately entered into a task-specific software system, complete with a financial calendar of due dates. Within 30 – 60 days, the family bill pay service is fully automated and operates on an ongoing basis.

High-Net-Worth Client Onboarding Process for Plumb Bill Pay:

Plumb has a Client Relationship Manager that leads the efforts for a new client onboarding. With a sense of ownership over a new account, the tasks get taken care of by one dedicated team member. During the duration of the setup phase, Plumb provides weekly status updates with the client or family office team in regards of the progress and items needed to finalize the transition. By having a conversation with the prospective high-net-worth client, Plumb can identify their reporting and transactional needs.

Step 1: Request for information – Gather client details

Step 2: Determine invoice approval process

  • Setup for invoices to be received via email or Plumb-specific PO box
  • Frequency of bill pay
  • Set thresholds and parameters for recurring bills
  • Limits for signing authority

Step 3: Create reporting requirements

Step 4: Plumb to prepare new client schedules – Setup system map into internal task management software

  • Calendar of financial due dates
  • Client insurance schedule
  • List of assets (properties, funds, etc.) that require bill payment/capital calls
  • List of loans that require bill payment

Step 5: Plumb to prepare electronic filing procedure

  • Create remote access or read-only access to documents on accounting software
  • Ability to produce customized reports to download

Sample of Onboarding Reports for Bill Pay Services

High-net-worth client

high-net-worth client

 

Bill Pay Process

Once the onboarding phase is complete, Plumb will engage in the following tasks on a weekly/monthly basis:

  • Bill payment
  • Vendor management
  • Bank and credit card reconciliations
  • Track all bills / due dates in proprietary task management software
  • Monthly cash flow reporting
  • Ad hoc reporting (i.e. GL detail reports)
  • Customized reporting for trusted advisors  – Read: Top Ways that Plumb Works with Trusted Advisors
  • 1099/1096 filings
  • Year end reconciliations and general ledger review
  • Supply supporting documents for taxable deductions to the CPA

Confidently manage your monthly expenses with personal bill pay service from Plumb

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